CBSK Developers signs $32.5M construction loan with Procida Funding for Jacob Riis Bathhouse

CBSK Developers through the entity Bathhouse Lodge LLC as borrower signed a construction loan with lender Procida Funding’s 100 Mile Riss LLC valued at $32.5 million for the Jacob Riis Bathhouse building (Q1) at 157 Rockaway Beach Boulevard in the Rockaways, Queens.
The deal closed on March 10, 2023 and was recorded on March 23, 2023. The property has 50,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $650 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for CBSK was Scott Shnay, and for Procida was Brian Foley.
The New York Post reported on the plan in October 2022.

The property

The parcel has 17 buildings with frontage of 1,908 feet and is 1,000 feet deep with a total lot size of 6,500,000 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $114.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Breezy Point, The majority, or 100 percent of the 270,590 square feet of commercial built space are specialty buildings, with development buildings next occupying 0 percent of the space. In sales, Breezy Point has not had any sales in the last two years. For development, Breezy Point has had very little major development activity relative to other neighborhoods.It had 14,421 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 7,040 square feet of built space are specialty buildings, with development buildings next occupying 0 percent of the space.

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